BSP rationalizes reportorial requirements

MANILA, Philippines - The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has agreed to rationalize further the reportorial requirements for entities under its supervision.

In a statement yesterday, the BSP said the policy-making Monetary Board (MB) approved the rationalization of reportorial requirements for quasi-banks and non-bank financial institutions.

The amendments also cover reportorial requirements for non-stock savings and loan associations, pawnshops and other non-bank financial institutions.

Monetary authorities amended the requirements by trimming down reports that are no longer relevant or necessary with the implementation of new regulations including the adoption of Financial Reporting Package and risk-based supervision framework.

The MB also approved the deletion of 24 reports or 29 percent of the 103 regular reports required of these supervised and regulated entities.

The BSP said 10 of the 24 reports have been recategorized as documentary requirements to support requests or applications for BSP approval.

In an earlier issuance, the MB approved the deletion of 59 regular reports required of universal, commercial, thrift, rural and cooperative banks.

Nine of these reports were reclassified as documentary requirements to support bank application or requests they file with the BSP.

In its statement, the BSP said it would continue with its efforts to amend the reportorial requirements of banks and regulated or supervised entities to remain at par with the latest developments in both local and international regulations and best practices in the global banking industry.

The BSP said it was necessary to rationalize the requirements because banks have been asking for these amendments, adding that some of the documentary items are no longer relevant.